[EEGator]

This is same “people” that have been purchasing tons of residential homes, correct?

[Ultra Sonic 007]

You talk about the topic of commercial leasing and tower occupancy quite a bit.

The bill is coming due in New York City...

[politicket]

Midland, however, has yet to foreclose on the tower, though it’s unclear why.

Easy - the bank is kicking the can down the road. To foreclose means to write it down in their books - which could easily put them over the edge in insolvency.

Pretending the loan is still performant allows them to keep playing the game a little longer.

[Larry Lucido]

When you owe the bank $1,000, you owe the bank. When you owe the bank $300 million, you own the bank.

[ConservativeDude]

The skyscraper has been losing value since 2014, when the mortgage was originated and 1740 Broadway was appraised at $605 million,

...

Blackstone ceased funding operating shortfalls at the building and stopped paying the mortgage as of March 2022,..”

Interesting.

So it turns out this piece of NYC real estate is worth far less than what it was appraised for (and represented as by the borrower) to the bank.

AND the borrower stopped paying.

If Trump had done this, they would scream “fraud”.

And of course as it happens, the bank was repaid in Trump’s case.

Here, the bank has suffered harm. The borrower stopped paying.

But this is also not “fraud”. It’s just the business of borrowing and lending in a real estate market.

And most likely, Trump will be “convicted” of “fraud” and Blackstone will just get to default on their loan.

Interesting isn’t it?

[MinorityRepublican]

In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.

So what's happening? I doubt that everyone is working from home. Productivity declines if you work from home. CEOs like Elon Musk isn't tolerating it. So what's going on.

[Qwapisking]

perfect opportunity for a homeless group to crowdfund a commercial building to live in. they could rent part of it out to businesses and live rent free in the rest of it.

[FarCenter]

Mutual of New York built the structure in 1950 for its corporate headquarters and hired Shreve, Lamb and Harmon to design it. It left the building after being acquired by AXA.

https://en.wikipedia.org/wiki/1740_Broadway

[Scrambler Bob]

And Trump was charged with evaluating property improperly.

So how might that apply here.

Looks like MANY times worse - (If Trump was even wrong.)

[PAR35]

Lazy editors there.

“Occupancy in office buildings in the Big Apple has yet to top 50% depiste return-to-office mandates”

Under a stock photo of the San Francisco skyline from the upper story of a high rise.

[EinNYC]

Hey, Mayor Moron can grab that building and stuff it to the gills with ILLEGAL CRIMINAL INVADERS that he so loves. Sure would beat pushing citizens’ children out of their rightful school building to house the criminals.

[DAC21]

"After shouldering a wave of defaults from landlords, banks are sitting on as much as $160 million in losses on loans to the commercial real estate market"

Well seeing Blackstone alone defaulted on 300 million. I think the above statement should be 160 BILLION?

[Rappini]

Trumps boys should snap that tower up.